Question 28 Chapter 2 of +2-Part-1
28. (Interest on Drawings/Evenly throughout the year) A and B are partners in a firm. They share profits and losses in the ratio of 3:2. As per their partnership agreement, interest on drawings is to be charged @10% p.a. Their drawings during 2016-17 were Rs.24,000 and Rs. 16,000 respectively.
Calculate interest on drawings based on the assumption that the amounts were withdrawn evenly throughout the year.
The solution of Question 28 Chapter 2 of +2 Part-1: –
Interest on Drawings:
A : 24,000*10/100*6/12 = Rs. 1,200
B : 16,000*10/100*6/12 = Rs. 800
Note: When the date of drawings is not mentioned, interest is always charged on average basis.
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Also, Check out the solved question of previous Chapters: –
Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution
- Chapter No. 1 – Accounting Not for Profit Organisations
- Chapter No. 2 – Partnership Accounts – I (Introduction)
- Chapter No. 3 – Partnership Accounts – II (Goodwill: Nature and Valuation)
- Chapter No. 4 – Partnership Accounts – III (Reconstitution of Partnership)
- Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner)
- Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner)
- Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)
- Chapter No. 8 – Company Accounts (Share Capital)
- Chapter No. 9 – Company Accounts (Issue of Debentures)
- Chapter No. 10 – Company Accounts (Redemption of Debentures)
Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution
- Chapter No. 1 – Financial Statements of a Company
- Chapter No. 2 – Financial Statement Analysis
- Chapter No. 3 – Tools of Financial Statement Analysis- Comparative and Common Size
- Chapter No. 4 – Ratio Analysis
- Chapter No. 5 – Cash Flow Statement
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